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Related Experiment Videos

The value-adding CFO: an interview with Disney's Gary Wilson. Interview by Geraldine E. Willigan.

G Wilson

    Harvard Business Review
    |December 10, 1989
    PubMed
    Summary

    Chief Financial Officers (CFOs) must be strategic innovators, not just technicians, to optimize capital costs and create shareholder value. Creative financial strategies, like off-balance-sheet financing, are key to corporate economic success.

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    Area of Science:

    • Corporate Finance
    • Financial Strategy
    • Executive Leadership

    Background:

    • The role of the Chief Financial Officer (CFO) has evolved beyond traditional accounting to encompass strategic innovation.
    • Optimizing capital costs and driving economic success demand advanced technical sophistication and creative problem-solving from CFOs.

    Discussion:

    • Gary Wilson's career at The Walt Disney Company and Marriott Corporation exemplifies the modern CFO as a value creator.
    • Creative financial strategies involve rethinking assumptions and developing novel approaches to achieve financial and strategic objectives.

    Key Insights:

    • Off-balance-sheet financing, as demonstrated by Wilson at Marriott, can unlock capital by separating asset ownership from control.
    • Innovative deal-making, such as movie-making partnerships at Disney, highlights the strategic application of finance.

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    Outlook:

    • The finance function's potential to add value, rather than merely account for it, is increasingly recognized.
    • Future CFOs will likely continue to leverage creativity and strategic financial engineering to drive corporate growth and shareholder returns.